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News

Huobi HK Makes Crypto Trading Accessible And Profitable In Hong Kong

May 29, 2023 - Around 3 mins mins to read

Key Points:

  • Huobi HK now offers crypto spot trading to retail and institutional clients in Hong Kong, having applied for a virtual asset exchange license.
  • Other firms including BTSE, JPEX and OKX want to apply for the license.
  • Huobi has seen $12.7 billion in trading volume so far this month, behind larger exchanges like Binance, Coinbase and OKX.
Huobi HK’s decision to offer crypto spot trading to retail and institutional clients in Hong Kong marks a significant step forward for the company.
Huobi HK Makes Crypto Trading Accessible And Profitable In Hong Kong 2

Having submitted an application notice to the Hong Kong Securities and Futures Commission on May 29, the exchange is now able to offer regulated services to its clients. This move is in line with Hong Kong’s recent introduction of a crypto licensing regime for crypto exchanges, which aims to protect retail investors and encourage innovation.

https://twitter.com/HuobiGlobalzh/status/1663056188567883777

Huobi HK has stated that it will work closely with auditors to ensure compliance with anti-money laundering regulations set forth by the Hong Kong Securities and Futures Commission. The platform’s primary goal is to meet the regulatory requirements of the commission and provide its clients with a secure and reliable trading experience.

Other firms, including BTSE, JPEX, and OKX, have also expressed their interest in applying for a virtual asset exchange license in Hong Kong. This shows that the crypto industry is taking note of Hong Kong’s efforts to regulate the sector and create a more stable environment for investors.

Huobi HK Makes Crypto Trading Accessible And Profitable In Hong Kong 2

Huobi HK’s offering will operate via the main Huobi website. The exchange has already announced that it will list bitcoin and ether, among other major coins. The company believes that the regulation of web3 in Hong Kong will boost the adoption of cryptocurrencies on a global scale. As such, it plans to continue collaborating with regulatory authorities in Hong Kong to support the development of a vibrant web3 hub.

Huobi HK has established itself as a leading crypto exchange, with a trading volume of $12.7 billion so far this month. Although it lags behind larger exchanges like Binance, Coinbase, and OKX, Huobi’s decision to offer crypto spot trading to retail and institutional clients in Hong Kong is a significant move that will undoubtedly help it gain a larger market share in the region.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

Coincu News

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.